Patrick J. Rohan Trust, et al. v. Charles Schwab & Co. Inc.; Kimon P. Daifotis
Published: Feb. 5, 2011 | Result Date: Jan. 7, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-04866 Arbitration – Dismissal; Equitable Agreement
Court
FINRA
Attorneys
Claimant
Thomas D. Mauriello
(Mauriello Law Firm APC)
Respondent
Stephen Young
(Keesal Young & Logan)
Facts
Claimants Patrick Rohan Trust U/A dated 9/19/1991 and Patrick Rohan and Diane E Rohan Trust U/A dated 5/3/1999; Patrick Rohan Pension Plan U/A dated 3/1/1997; Patrick Rohan Inc.; and Diana Rohan Profit Sharing Plan U/A dated 12/15/1999 filed a complaint against Charles Schwab & Co. Inc. and Kimon Daifotis in connection with purchases of the YieldPlus Fund and the California Tax-Free YieldPlus Fund ("YieldPlus") in Claimants' accounts.
Damages
Claimants sought compensatory damages of at least $340,237.98; rescission; prejudgment interest; post-award interest; reimbursement of FINRA fees; arbitration costs and reasonable attorney fees; exemplary or punitive damages; and other relief deemed appropriate.
Injuries
Claimants asserted the following causes of action: negligence; fraud and deceit; breach of fiduciary duty; unsuitability; breach of contract; and violation of California Corporations Code Sections 25401 and 25501.
Result
Respondent Daifotis was dismissed on or about Nov. 8, 2010. The parties entered into a confidential settlement on or about Nov. 16. On Jan. 7, 2010, the arbitration panel granted the Daifotis' request for expungement.
Other Information
ARBITRATORS: James J. Dobbin, Doris V. Knotter, Nils S. Sandberg.
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